- Price testing crucial moving average line in Month time frame. Crucial swings for crude oil has happened from this line. Month candle is reacting bearishly from this line so if price falls below 100 SMA in Daily time frame then a bearish swing is possible. If daily continues to stay above 100 SMA then another attempt to break above the Monthly moving average line will happen.
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ES Weekend update
- Month has a bearish engulfing pattern.
- Week too has a bearish engulfing pattern which has done well so far.
- Daily too is looking weak But remember all these noise is taking place above 200 Day SMA. One can make a great relation between the Monthly bearish engulfing pattern and the Daily 200 SMA. If bulls manage to keep price above 200 SMA then the bearish engulfing pattern will be ineffective. But if bears bring down price below 200 SMA the a bear market is possible with Month bearish engulfing at the Top. So bulls must at all cost defend 200 Day SMA.
- S&P 500 Weekend update
